JM Financial's Amit Ramchandani likely to join Motilal Oswal as i-banking head

2023 has seen many moves by Indian dealmakers who have joined rival outfits, turned entrepreneurial or embraced India Inc. (representative image)

Equity capital market dealmaker Amit Ramchandani, Managing Director, Investment Banking at JM Financial has stepped down and is likely to join Motilal Oswal Financial Services as Head of Investment Banking at Motilal Oswal Investment Advisors Ltd ( MOIAL) , multiple industry sources in the know told Moneycontrol.

"Amit has resigned and the plan is for him to head to Motilal Oswal and spearhead their i-banking business," said one of the persons above.

Two other persons told Moneycontrol about the proposed move adding that if talks go as planned, Ramchandani could come on board in January.

A fourth person elaborated, " Amit is a deal cracker and it's a catch for Motilal Oswal as they look to strengthen their investment banking vertical."

All the four persons above spoke to Moneycontrol on the condition of anonymity.

According to the firm's website, Abhijit Tare, who has been part of the Motilal Oswal group for more than 16 years, is the MD & CEO of MOIAL. The final reporting structure and if there would be any transition phase involving Tare and Ramchandani was immediately unclear.

Corporate Crossings

When contacted, JM Financial and Motilal Oswal Financial Services declined to comment. Ramchandani was unavailable for comment despite repeated attempts. Tare too declined to comment.

Ramchandani, an alumnus of Hansraj College and Jamnalal Bajaj Institute of Management Studies has had a stint of 5 plus years at JM Financial. According to his Linkedin profile, earlier , he was an MD, Investment Banking at IDFC First Bank. He has also spent nearly a decade at ICICI Securities where he became Senior VP and Head ( Equity Capital Markets) and began his career at SBI Capital Markets.

DEALMAKER CHURN IN INDIA

2023 has seen many moves by Indian dealmakers who have joined rival outfits, turned entrepreneurial or embraced India Inc.

Veteran Citi banker Ravi Kapoor retired recently and has set up his own deal advisory and investment firm SACS Partners. According to reports in September, Chirag Negandhi, the co-CEO of Axis Capital has put in his papers.

Utpal Oza , founding member of Nomura when it set up shop in India in 2006, stepped down as head of investment banking ( India) and has been succeeded by Amit Thawani

In October, Ashish Jhaveri joined Jefferies as MD and Head of Investment Banking ( India). On April 6, Moneycontrol had reported the proposed move by Jhaveri, back then the Head of M&A at rival investment bank Barclays.

Specialty chemicals firm Anupam Rasayan India appointed Gopal Agarwal of Edelweiss as CEO in September.

In July, Apax Partners confirmed that private equity veteran Shashank Singh, the head of it's India office, had left the firm to move to London. Anurag Sud, an ex-Principal at BPEA EQT is the firm's current India head.

On May 28, Moneycontrol broke the story that top global management consulting firm Boston Consulting Group (BCG) has picked Rahul Jain as the new lead for its India office.

On March 1, Moneycontrol reported that Pratik Loonker of Investec was headed to ICICI Securities. Jayesh Visaria head of healthcare and consumer i-banking at Barclays quit the global bank in the same month. Earlier in January, Mahesh Natarajan, the ex-ECM head of ICICI Securities was tapped by foreign investment bank Nomura.

Note For Readers: Corporate Crossings is a series from Moneycontrol that will focus the lens on important executive movements within companies and in the industry, and capture the exits and new innings of members of India Inc., investment bankers, lawyers, Big 4 professionals, private equity investors, & more.